Emergency crews respond to two-vehicle accident on Highway 10 in Surrey, July 31, 2019. (Black Press Media)

B.C. vehicle insurance remains Canada’s costliest, industry group says

ICBC monopoly needs competition, Insurance Bureau of Canada argues

Independent statistics show B.C. drivers will continue to pay the highest average insurance rates in Canada, next year and into the future, the Insurance Bureau of Canada says.

The private industry group cites the latest numbers from the General Insurance Statistical Agency, an average of $1,832 per year. Alberta comes in at $1,316, Saskatchewan at $1,235 and Ontario at $1,505.

“While many important changes are underway in B.C., none are expected to reduce the price most drivers are paying,” said Aaron Sutherland, the bureau’s Pacific region vice president. “With ICBC stating that it will need price increases to raise over $1 billion in the years ahead, now more than ever, the market must be opened to competition and choice to improve the affordability of auto insurance for drivers.”

RELATED: Budget includes bailouts for ICBC, B.C. Hydro

RELATED: ICBC renewals get more complicated this year

The average is calculated by comparing the total premiums collected from passenger vehicles in each province, and dividing by the number of vehicles insured.

ICBC is calculating rates for next year based on a new system that shifts costs to the highest-risk drivers.

Caps on “pain and suffering” payouts and an administrative tribunal for minor injury claims were put into effect in April as accident and legal costs soared in B.C.

ICBC retains a monopoly on basic liability insurance and competes for optional coverage for collision, glass and other coverage. The Crown corporation also operates driver licensing in B.C. and funds police enforcement and safety improvement projects, costs ICBC says are reflected in higher rates.

The Insurance Bureau retained accounting firm MNP to compare B.C. and Alberta vehicle insurance, with this year’s ICBC changes in effect. Their study found that insurance coverage and payouts are similar in the two provinces, except for rates.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

New Eco-Depot site proposed for Ashcroft, Cache Creek

TNRD staff directed to pursue the ourchase of property at the former chip relaod site off Highway 1

U.S. couple ‘devastated’ truck and boat stolen in Williams Lake overnight

Family from Oregon appealing for assistance to help find stolen items

Two bodies found near Spences Bridge confirmed as those of missing Surrey men

Ryan Provencher and Richard Scurr have been missing since July 17

Many hands make light work at historic Cornwall fire lookout

Volunteers worked to restore the site, which a Journal reader remembers from a 1955 visit

Phase 2 work set to get started at 10 Mile Slide site

Work is projected to be complete by spring 2021 and will be monitored for two more years

VIDEO: Title of 25th Bond movie is ‘No Time to Die’

The film is set to be released in April 2020

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

Trans Mountain gives contractors 30 days to get workers, supplies ready for pipeline

Crown corporation believes the expansion project could be in service by mid-2022

Rosemount cooked diced chicken linked to listeria case in B.C.

The symptoms of listeria include vomiting, nausea, fever, muscle aches

B.C. seniors allowed more choice to stay in assisted living

Province doesn’t need to wait for a complaint to investigate care, Adrian Dix says

Retired B.C. fisherman wins record $60M Lotto Max jackpot

Joseph Katalinic won the biggest Lotto Max prize ever awarded

New ‘Matrix’ film set with Keanu Reeves and Lana Wachowski

Fourth installment to feature Reeves as Neo and Carrie-Anne Moss as Trinity

Most Read